Stock indices traded higher on China's GDP data. China's National Bureau of Statistics released its gross domestic product (GDP) data on Tuesday. The country's economy expanded 6.8% in the fourth quarter of 2015, after a 6.9% rise in the third quarter. It was the slowest rise since 2009.

In 2015 as whole, China's economy grew 6.9%, after a 7.3% increase in 2014. It was the slowest growth since 1990.

Meanwhile, the economic data from the Eurozone was mixed. The ZEW Center for European Economic Research released its economic sentiment index for Germany and the Eurozone on Tuesday. Germany's ZEW economic sentiment index declined to 10.2 in January from 16.1 in December, beating expectations for a fall to 9.0.

"The beginning of the new year is characterised by capital market turmoil in China, which has also led to significant share price declines in Germany. As in the previous year, weak economic growth in China and other important emerging markets puts a strain on Germany's economic outlook," head of the "International Finance and Financial Management" Research Department at ZEW, Sascha Steffen, said.

Eurozone's ZEW economic sentiment index dropped to 22.7 in January from 33.9 in December, missing expectations for a decline to 27.9.

Eurostat released its final consumer price inflation data for the Eurozone on Tuesday. Eurozone's harmonized consumer price index was flat in December, in line with expectations, after a 0.1% decrease in November.

On a yearly basis, Eurozone's final consumer price inflation remained unchanged at 0.2% in December, in line with expectations.

Eurozone's final consumer price inflation excluding food, energy, alcohol and tobacco remained unchanged at an annual rate of 0.9% in December, in line with the preliminary reading.

Construction production in the Eurozone increased 0.8% in November, after a 0.6% rise in October.

The European Central Bank (ECB) released its current account on Tuesday. Eurozone's current account surplus increased to a seasonally adjusted €26.4 billion in November from €25.6 billion in October. October's figure was revised up from a surplus of €20.4 billion.

The Bank of England (BoE) Governor Mark Carney said in a speech on Tuesday that "now is not yet the time to raise interest rates". He noted that he wants to see the sustainable economic growth and a rise inflation before the central bank will start raising its interest rates.

The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index rose to 0.2% year-on-year in December from 0.1% in November, in line with expectations. It was the highest reading since January 2015.

The rise was driven by an increase in air fares, which climbed 46% in December. It was the highest rise since 2002.

On a monthly basis, U.K. consumer prices increased 0.1% in December, beating expectations for a flat reading, after a flat reading in November.

Consumer price inflation excluding food, energy, alcohol and tobacco prices climbed to 1.4% year-on-year in December from 1.2% in November, beating expectations for a 1.2% gain.

The Retail Prices Index climbed to 1.2% year-on-year in December from 1.1% in November, exceeding expectations for an increase to 1.1%.

In 2015 as a whole, consumer price inflation was 0%, down from 1.5% in 2014. It was the lowest level since 1950.

The consumer price inflation is below the Bank of England's 2% target.

The U.K. house price index rose at a seasonally adjusted rate of 0.8% in November, after a 0.8% increase in October.

On a yearly basis, the U.K. house price index increased at a seasonally adjusted rate of 7.7% in November, after a 7.0% in October. It was the highest rise since March.

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